Mirae Asset Global Investments Co. Ltd. Increases Holdings in ServiceNow, Inc. $NOW

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in ServiceNow, Inc. by 20.5% during Q2, holding a total of 52,708 shares valued at approximately $54.2 million.
• ServiceNow has received multiple upgrades from financial analysts, with price targets rising to as high as $1,300 and an average target price of $1,122.20.
• Insider trading activity included significant sales by executives, with Vice Chairman Nicholas Tzitzon and CFO Gina Mastantuono selling shares worth nearly $3 million combined in August.

Mirae Asset Global Investments Co. Ltd. lifted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 20.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 52,708 shares of the information technology services provider's stock after acquiring an additional 8,976 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in ServiceNow were worth $54,188,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in NOW. Nuveen LLC purchased a new stake in shares of ServiceNow in the 1st quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. grew its position in ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after acquiring an additional 840,731 shares during the last quarter. Parnassus Investments LLC bought a new position in ServiceNow during the 1st quarter worth approximately $519,806,000. Finally, Amundi grew its position in ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock worth $1,269,777,000 after acquiring an additional 626,623 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Ratings Changes

NOW has been the subject of a number of recent research reports. Morgan Stanley upgraded ServiceNow from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Bank of America upped their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Mizuho upped their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Piper Sandler upped their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,122.20.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company's stock, valued at $2,599,350. The trade was a 36.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the sale, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock worth $16,798,825 in the last three months. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Down 0.3%

ServiceNow stock opened at $909.88 on Friday. The stock has a market capitalization of $189.26 billion, a PE ratio of 114.59, a price-to-earnings-growth ratio of 4.11 and a beta of 0.92. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The business has a 50 day simple moving average of $915.79 and a 200-day simple moving average of $928.77. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the company earned $3.13 EPS. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.

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